The Home Seller’s Guide
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What to Know About the Selling Process
Using our Services to Sell Your Home Faster
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Description of the Selling Process
Understanding the Consumer Relationships Guide
Explaining the Seller Representation Agreement
My Fiduciary Duties to You
Explaining our Signature Concierge Service
The Coldwell Banker Ultimate Service Guarantee
Paperwork and Evaluation of your Property
Importance of Communication
Commitment to Accessibility
Guiding your Home Selling Efforts
Our Follow up Responsibilities
Sell your Next Home or Property with Patrick Murray Realty
DESCRIPTION OF SELLING PROCESSIn order to help you understand the scope of selling your home, here is a quick overview of the home selling process:
1. Decide When to SellWhile selling your home when buyerdemand is at a peak and interest rates are at an alltime low is the dream, most people don’t have that sort of luck. Beyond that, the decision to move often coincides with life events that don’t wait for an ideal market. Changes like a growing (or shrinking) family, a new job, or frustration with your current location will all be deciding factors in when you sell your home. The season may also play a role though. Many families with schoolage children wait until spring or summer to buy a new home. And even individuals without children probably don’t want to fuss with moving in 30. For these reasons, you’ll likely benefit from more buyers during the warmer months.
2. Hire a Real Estate AssociateFind a seller’s agent that is willing to represent only you. This will help you guarantee that your real estate professional will do everything in his or her power to help you close the deal on your home. As we will discuss in more detail later, a seller’s agent will have fiduciary responsibility to look after your best interests. If there are agents who specialize in your neighbourhood, you should conduct interviews with those agents. But be sure to find a Real Estate Associate that you can trust to keep you comfortable throughout the home selling process. Remember, you may be spending a lot of time together, so pick a real estate professional you actually like. Yes, skill and experience are important, but so is not ranting to your best friend about how frustrating you find your agent. After all, your associate is here to make your life easier.
3. Sign a Listing AgreementIn Alberta, a listing agreement is also knowns as a Seller Representation Agreement. But regardless of the name, it’s a very important piece of paper. The seller representation agreement serves three purposes. First, it outlines your relationship with your realtor, it expresses the limits of your agent’s authority, and it clearly defines the amount of time your realtor has to sell your home. Secondly, it includes a lot of information about your property. This information is then used by your realtor to help potential buyers find your home. Finally, the agreement provides all the necessary information a potential buyer will need before drafting an offer for your home.
4. Determine your Home’s Asking PriceDeciding on the best price for your home is tricky. If you set your price too low, you could miss out on thousands of dollars or even have buyers suspicious of a price that looks toogoodtobetrue overlook your property entirely. Inversely, if your price is too high,
potential homebuyers may ignore your property. And once a home has sat on the market for a while, potential buyers generally assume a seller is getting more desperate and will likely lowball their offers. Unfortunately, determining all the factors to choose the best asking price is complicated. Things like what demographic of people are moving in and out of your neighbourhood, new work opportunities, the economy, and more can all affect your asking price. For example, if mostly retirees are moving into your neighbourhood, a bulky, fourbedroom, twostory house will likely perform less well than a cute, twobedroom bungalow. But the reverse is true if larger families are moving in. Your realtor will have the stats and research necessary for making an informed decision about your home’s asking price. Trust them.
5. Work with your Agent’s Team of SpecialistsYour real estate agent isn’t the only professional you’ll need to work with before you can settle into your new home. At the bare minimum, you’ll need to work with a lawyer, but many home sellers benefit from working with specialists like home stagers, movers, cleaners, and more. An experienced real estate agent should have numerous contacts to various professionals, so be sure to ask your realtor if you need help. Alternatively, many sellers just use the lawyer they chose when they moved in. After all, they’re already familiar with the property.
6. Prepare your Home for SaleThe best agent in the world will struggle to sell a home that’s grungy, smelly, or disorganized. If you’re committed to selling your house, it’s time to give it a makeover that will have all your potential buyers wishing your property was their home. Invite over your most annoyinglywonderful, perfectionist parent or friend. Give them a clipboard and let them go through each room of your house. They’ll see and make note of all the little problems like chipped baseboards or clutter that you just don’t notice anymore. Before you start painting or begin repairs, have a garage sale to get rid of all the junk that’s collected over the years. If you can’t part from your clutter, get a storage locker. When just the essentials (like furniture) are present, your home feels bigger, more neutral, and inviting to potential buyers. It gives them the opportunity to imagine their own nicknacks on the mantel or photos on the wall. Once you’ve decluttered, clean everything, and complete that list of repairs your perfectionistfriend made you.
7. Let your Agent Work for YouIt’s finally time to put up that for sale sign! Your job now is to relax, keep your home perfectlypresentable, and let your agent do what they do best. Your agent should use a variety of traditional advertising, internet marketing, and open houses to attract potential
buyers. And remember that if bold, potential buyers come to your door asking for a quick look around, it’s best to direct them towards your realtor. Selling your home is no longer your job. To be frank, any potential homebuyer will be more comfortable looking over the property and imagining themselves living there if you aren’t there looming. So whenever your agent comes to show off your home or hosts an open house for a couple hours, go watch a film instead of sticking around. If you have any pets, take them with you! You don’t need to lose potential buyers because kitty trips a toddler or your dog just won’t be quiet.
8. Understand your Financial OptionsUnless you own your home, there are a lot of mortgage considerations you’ll want to keep in mind. A lot of money is about to pass through your hands. If you’re selling off an investment property, you may be keeping most of the cash, but if you’re selling your permanent residence, chances are good you’ll be buying a new one and saying goodbye to most of the money. If you have a mortgage, it’s time to talk with your lender (and possibly a lawyer, a mortgage broker, and your realtor too!). An open mortgage can just be discharged (paid off) without any penalties, but if you want to discharge a closed mortgage, get ready to pay a ton of fees. Alternatively, you may be able to “port” your mortgage over to your new property or have your buyer take over your mortgage depending on interest rates, this may be a great deal for your buyer. Don’t forget you may need to pay capital gains (if you’re not selling your primary residence) and there will be GST on top of the fees of any professionals you work with. Budget accordingly.
9. Receive and Negotiate OffersYour realtor is required to show you every offer, so be prepared for keeping appointments and discussing each offer with your agent. Your potential buyer’s agent may also be at the meeting, but the buyer doesn’t usually attend. At some point, you or your agent will likely ask the potential buyer’s agent to leave so that you two can discuss the offer privately. Together with your agent, you will decide whether to accept, reject, or counter the offer. This is the time to negotiate conditions, price, and closing dates.
10.Close the DealOnce your negotiations are successful and you have a legally binding agreement, it’s time to let your agent and lawyer take the lead on closing the deal. However, you’re not entirely off the hook. You’ll need to satisfy any remaining conditions and contact your utilities. Ask your lawyer if they’ll hand the transfer of utilities because often they will. You’ll also need to cancel or transfer your home insurance, choose a moving company, and let the government know that you’re moving. This means telling your post office, sending a change of address notice, and notifying the ministry of transportation about your new address for both your driver’s license and registration. If you’re moving out of province, you’ll have three months to turn in your Alberta license for one from your new province or territory. It can feel like a lot to remember, but as long as you keep in close
contact with your agent and lawyer and follow their instructions, everything should go smoothly.
UNDERSTANDING THE CONSUMER RELATIONSHIPS GUIDEWhether you’re a buyer or a seller, when you enter into a relationship with a real estate associate in Alberta, that associate must go through and explain the consumer relationships guide to you. The guide isn’t a legal document or a binding contract, but you will need to sign it. All this means is that you acknowledge that the various types of representation were explained to you by your agent. There are three basic relationships you can have with your real estate associate as explained below. The guide also details possible conflicts of interest and, should one arise, how they should be handled. 1. A real estate brokerage can act as your agent. This is known as a common law agency relationship and all brokerage real estate professionals and staff are included. 2. An individual real estate associate can act as your agent. This is called a designated agency relationship. 3. You can be a direct customer to a real estate associate. In this case, the Real Estate Associate will owe you no fiduciary duties.
THE SELLER REPRESENTATION AGREEMENTThe seller representation agreement, or listing agreement as it is commonly called, is a contract between you and your real estate associate. It outlines precisely who represents you, the seller. This agreement will detail your relationship, any limits to your realtor’s authority, any conflicts of interest, and finally, it clearly define just how long your agent has to sell your home. Important details about fees and how to end the agreement early are also included. Beyond just defining your agent’s duties and obligations (as well as your responsibilities), the seller representation agreement also includes valuable information about your property. This information can be used in multiple ways to help attract buyers. And, when a buyer wishes to make an offer, the listing agreement will include all the information they need to do so.
FULFILLMENT OF FIDUCIARY DUTIESThese are the duties and responsibilities I will uphold for you, the client, if you so choose to enter into an agreement that makes me your agent: Undivided Loyalty I will remain loyal to your search for a buyer throughout the home selling process. Confidentiality I will keep all of your information confidential, even after our relationship terminates. Full Disclosure I will disclose the full spectrum of services I will provide and vow to immediately disclose any conflicts of interest. Obedience I will remain obedient to your lawful instructions. Reasonable Care and Skill I vow to conduct myself as a competent professional in the performance of my duties. Full Accounting I will keep full account and record of all money and/or personal property.
OUR SIGNATURE CONCIERGE SERVICEI offer what I call my Signature Concierge Service to help make the process of selling your home as seamless and as enjoyable as possible. Regardless of the price of the property, each and everyone of my clients receive this type of service from me. I am a fullservice real estate associate, and it’s my goal to make your experience with the industry a positive one. Here are a few important features of this service: • I will provide you with contact information for various professionals and make the introductions you’ll need throughout the transaction. This includes access to mortgage brokers, lawyers, home inspectors, condominium document review specialists, movers, cleaners, and more. • I will have your home professionally photographed to ensure that the property is being showcased at its best. • I will have your home professionally videoed with me giving the tour. This ensures all of your home’s attributes, including location, amenities, and access are shared with potential buyers. • I will use YouTube and social media forums to expose the video of your property to those individuals that do not know about your home. • I will reply to your questions or concerns as quickly as possible. Regardless of whether you prefer phone calls, texts, or emails, I can usually respond to you within minutes.
• I will utilize a professional marketing company to advertise your home in various online mediums and websites including PatrickMurrayRealty.com, ColdwellBanker.ca, and various partner websites throughout the city. • I will expose your home to my vast network of professionals. Many of whom may have clients looking for a home exactly like yours. • I will utilize a showing agency to assist with accommodating showing appointments for your home. I never want to miss a call for a showing appointment! This includes asking for and sending feedback from other realtors and their clients. • I will contact you weekly (or less if agreed upon) to discuss your listings, give you updates on your home’s performance on the Multiple Listing System (MLS), and let your know how the video of your property is doing on the internet. • I will stay in touch with you after the transaction and remain a source of information and professional contacts for you, continuing to add value. • I will assist you with purchasing a new home should you require it, including access to various professionals to assist you with the transaction.